Real Estate

Real Estate Transactions

Malabar Hill's 2.5 acre plot dereserved; SRA option opens up for owner Esarac Construction

Economic Times  

The Maharashtra state urban development department has removed the reservations for a garden/park and green belt on a prime 2.5-acre Nepean Sea Road plot in south Mumbai, paving the way for full-fledged construction. Nepean Sea is one of the most expensive residential zones in the country, where new apartments command rates as high as INR 1.25 lakh per sq ft. The sea-facing plot, close to Priyadarshini Park, is encroached by around 650 shanties and is owned by a private developer, Esarac Construction. The deletion of reservations means the plot can also be redeveloped under the Slum Rehabilitation Authority (SRA) scheme. The builder can now avail development benefits to raise luxury towers in lieu of rehabilitating slum dwellers free of cost on a portion of the plot.